US tycoon Donald Trump marked his entry into Latin American real estate Wednesday with the Panama City opening of his 70-story luxury resort, the tallest building in Latin America.

The sail-shaped structure, soaring 284 meters (932 feet) into the sky, is a resort and residential address that added to a real estate boom in Panama, where Trump recently provoked the ire of politicians by declaring that the United States "stupidly" handed the country its inter-oceanic canal.

But the opening served to reconcile Trump with the Panamanians.

"I want to thank Donald Trump for coming to Panama to invest in Panama and Panamanians for this opportunity to host one of the most important and beautiful buildings," said President Ricardo Martinelli.

"I'm sure it's going to be on many postcards."

The Trump Ocean Club reflects "the modern sensibility of the new generation of luxury travel," the company said in an invitation to the inauguration of the resort, where the cheapest room costs $300 per night and homes sell for $250,000 to $1 million.

With an investment of $430 million, the resort designed by Colombian architecture firm Arias Serna Saravia is home to 47 suites, 37 elevators, a spa, marina, casino and an island with a private beach.

It also boasts a 900-square-meter (9,690-square-foot) terrace with an oceanfront pool, personalized butler service and a convention center stretched across 4,200 square meters (45,210 square feet).

"This is the first Trump project outside of the United States," Trump's son Eric told reporters during a recent visit.

The Trump chain has hotels in US cities like New York, Chicago and Las Vegas and is currently building another in Toronto in Canada.

A thousand people work at the Panama City resort, where celebrities and wealthy patrons have bought up nearly all of the residences, according to press reports.

The city's real estate boom has turned the capital of Panama into a "mini Dubai" of sorts, mirroring the wealthy Gulf city's skyscrapers and monumental buildings.

With the Trump tower, Panama is now home to the three tallest buildings in Latin America. Both "The Point," which stands at 67 floors or 266 meters (872 feet) high, and "Ocean Two," which is just 20 meters (66 feet) shorter, opened this year.

The elder Trump, 64, drew the ire of Panamanians in March when told CNN the United States "stupidly" turned over control of the key Panama Canal waterway linking the Atlantic and Pacific Oceans "in exchange for nothing."

The canal was built by the United States in the early 20th century and complete transfer to Panama was completed on December 31, 1999 in compliance with the treaties signed in 1977 by former Panamanian leader Omar Torrijos and US President Jimmy Carter.

Trump, a real estate mogul and reality TV star, recently announced that because of his "passion" for business, he will not run in the 2012 presidential race, silencing months of speculation.